Question

Does Mobile Payment Technologies have any Tradeoff’s with its use in E-Commerce

What controls are or should there be with Mobile Payment Technologies

How does Mobile Payment Technologies benefit society

Answer 1

Q1) Mobile payment Technologies have increased the business of E-commerce by shopping on the mobile applications and paying through mobile devices with just a few clicks on the app. It has been a complementary product to the e-commerce business thus driving the increase in growth.The ease of mobile payments though has reduced the traffic on website shopping as the mobile phones are more accessible to the individuals than laptops or desktops.

Q2) Below are the controls that should be provided with Mobile Payment Technologies -

1. Increase in security of payment with specifc access based on password, pin, pattern etc. to avoid others to access the login details of the payment options.

2. Take into account all the regulatory controls the governmental regulatory organizations mandate for the mobile payment technology firms.

Q3) Below is how Mobile Payment Technologies benefit society -

1. They provide hassle-free payment service for online shopping, recharge and payment services.

2. Reduces queues at billing counters thus saving time of customers and servers.

3. Availability of various offers provided by the e-commerce firm/payment firm.